Forbes Media has hired Deutsche Bank to represent it for a potential sale. According to Bloomberg News, the company wants at least $400 million for the 96 year old magazine and its site.
Mike Perlis, Forbes Media’s CEO, told staffers that the company had already received offers, and expects many more:
As a result of your tremendous work, we have received more than a few “over the transom” indications of interest to buy Forbes Media. The frequency and serious nature of these overtures have brought us to a decision point. We’re organizing a process to test the waters regarding a sale of Forbes Media. We have hired Deutsche Bank to represent us, and we expect interest from numerous suitors.
For the complete memo, click through to Ad Age.